MakeMyTrip Launches $15 Mn Innovation Fund To Invest In Travel Tech Startups

MakeMyTrip Launches $15 Mn Innovation Fund To Invest In Travel Tech Startups

Gurgaon based online travel firm, MakeMyTrip, has recently launched a $15-Mn innovation fund to invest in startups working on travel-related technology.

“The MakeMyTrip board in its last meeting has given a goahead to create a fund of $15 million to invest in young ventures in the travel technology space. The fund will be created out of 10 per cent of cash assets on our balance sheet,” said Rajesh Magow, co-founder and chief executive (India) at MakeMyTrip.

The fund has plans to make investments globally and will have an investment committee comprising MakeMyTrip’s three co-founders including Magow, Deep Kalra and Keyur Joshi, besides three other directors.

It will be making Series A kind of investments in startups working in areas of mobility, holidays, taxi aggregation and niche travel. 

Globally, companies like Cisco Systems, Intel, Google and Microsoft, all have established separate venture funds out of their balance sheets, to invest in young startups. In context of India, companies like InfoEdge, One97, Times Internet and Smile Group invests in startups related strategic business.

Recently, Jasper Infotech, the parent organization of Snapdeal had announced that will be launching an incubator to foster mobile focused startups in the country.

Author

Team Inc42

Inc42 Staff
Inc42 Magazine is an online startup magazine that covers some of the best startups and entrepreneurs in the India ecosystem. We also feature numerous guest posts and resources by leading experts from across the industry, including many from the Silicon Valley and Bay Area.
Responses
https://inc42.com/buzz/bigbasket-raises-inr-200-cr-new-round-funding-now-valued-inr-1000-cr/

Upcoming Events